Since the 20th, a strategy that can last a week, with a comfortable fluctuation of 10,000 points back and forth.
Yesterday was bearish on Bitcoin, aiming for new highs in Ethereum, with Bitcoin at 4,000 points.
Currently, Ethereum's weekly chart is looking good, while Bitcoin is not performing well and has made a new low on the daily chart.
So today we need to release a market research report that we like:
ETHBTC market share has tested resistance levels, so in this phase, there are two scenarios: Ethereum is strong, Bitcoin is weak.
This is why I mentioned yesterday's viewpoint: short-term bias for a pullback test, Ethereum needs to make a new high.
Let's look at the chart for the ETHBTC exchange rate.
This section represents long-term structural resistance; only after the so-called altcoin season can we have opportunities.
So what do we need to pay attention to in this phase?
1. Ethereum strengthens, Bitcoin weakens, will it surge?
2. Bitcoin continues to correct, funds flow into Ethereum.
3. Bitcoin drives the market to correct, with Ethereum retracing to the weekly level around 3888 and 3366, while Bitcoin touches 10.85, 10.5, 10.15.
So, in this phase, regardless of which scenario, we need to treat it with caution.
Our chart marked position 11.06 has been effective, so we will continue to watch the remaining marked positions.
During the day, we are still looking at the two resistance levels of 11.45 and 11.56; only when we reclaim these can we expect a stop in the decline, so we can adjust yesterday's bearish position on Bitcoin.
Near-term support is at 4680; if it breaks, it may touch 4615-4560. If it rebounds to around 4720 and doesn't reclaim, we are looking at a range-bound testing expectation, and then there will be an entry expectation at the marked position. If it breaks 4220, be prepared to enter at the several positions mentioned in the third point.
